Compulsory insurance laws - Study guides, Class notes & Summaries

AINS 102: Understanding Personal Insurance Latest 2024 Rated A+ Arbitration An alternative dispute resolution (ADR) method by which disputing parties use a neutral outside party to examine the issues and develop a settlement, which can be final and binding. Attachment The act of seizing property to secure a judgment. Catastrophe A single event that causes widespread losses. Civil law A classification of law that applies to legal matters not governed by criminal law and that prote...

CAIB 1 - Chapter 6 Practice Questions and Answers 100% Pass What types of claims are paid out under Death & Injury - Answer- court awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are paid out under Damage to Property - Answer- Collision, Comprehensive Why is auto insurance compulsory in all provinces? - Answer- It is unlikely that people would voluntarily purchase insurance thu...

CPCU 553 Exam Questions with 100% correct Answers | Verified & Updated | 13 Pages One disadvantage of the tort liability system for compensation of auto accident victims is that Select one: A. It does not provide a remedy for victims of irresponsible drivers who cause accidents. B. There are substantial time delays in reaching a settlement either through negotiation or through the courts. C. It does not allow punitive damage awards to be included as part of the compensation. D. The minim...

Arkansas Property and Casualty Insurance ExamBefore workers comp laws, employers had 3 common law defenses to avoid paying claims- - correct answer Assumption of Risk - This defense placed all the risk on the employee as being responsible for knowing the work conditions prior to employment. Fellow Servant Rule - Removed the employer's negligence if a fellow employee contributed in any way to the loss. Contributory Negligence - Used to argue that the employee was partially at fault and the...

50% rule - you cannot recover if you are 50% or more at fault 51% rule - you cannot recover if you are 51% or more at fault additional coverages under Section I - debris removal of damaged property, reasonable repairs, trees and other plants, fire department service charge, unauthorized credit card use, loss assessment, collapse, ordinance or law, graves markers or landlord's furnishings appraisal - used when insured and insurer agree that loss is covered but disagree as to loss amount a...

CPCU 553 Exam Questions and Answers | 100% Correct| 2024 Updated Special Damages - Answer️️ -form of compensatory damages for specific, identifiable losses Type of risk transfer - Answer️️ -Insurance; Hold Harmless Agreements; Hedging Unemployment Compensation Program - Answer️️ -sponsored by all states; 2/3 of all previous income Six approaches to compensation of auto victimes - Answer️️ -Tort Liability; Financial Responsibility Laws; Compulsory Insurance Laws; Uninsured ...

PROPERTY AND CASUALTY STATE FARM EXAM QUESTIONS WITH COMPLETE SOLUTIONS GRADED A+ Warranties (GI) Statements made in an application for insurance or material stipulations in the policy that are guaranteed as true in all respects. Waiver (GI) The voluntary abandonment of a known or legal right or advantage. Agent (IL) An insurance licensed producer appointed by an insurer to represent that company to present policies on its behalf. Agent Residence (IL) Resident Agent - producer who resi...

80% - Standard co-insurance amount. Abandonment - The insured leaving the damaged property and demanding full payment for a total loss. Actual Cash Value (ACV) - Replacement cost at the time of loss less depreciation. Actuary - The person who establishes rates for the insurer. Advertising Liability - Offense that arises from advertising the insured's services or products including unintentional violation of copyright laws. Aggregate Limit - A type of policy limit that does not restore th...

CPCU 553 Exam Questions and Answers | 100% Correct| 2024 Updated Special Damages - Answer️️ -form of compensatory damages for specific, identifiable losses Type of risk transfer - Answer️️ -Insurance; Hold Harmless Agreements; Hedging Unemployment Compensation Program - Answer️️ -sponsored by all states; 2/3 of all previous income Six approaches to compensation of auto victimes - Answer️️ -Tort Liability; Financial Responsibility Laws; Compulsory Insurance Laws; Uninsured ...

CAIB 1 - Chapter 6 Practice Questions and Answers 100% Pass What types of claims are paid out under Death & Injury - Answer- court awards to innocent victims and their families, death benefits and funeral expenses, medical payments, rehabilitation costs, loss of income What types of claims are paid out under Damage to Property - Answer- Collision, Comprehensive Why is auto insurance compulsory in all provinces? - Answer- It is unlikely that people would voluntarily purchase insurance thu...